How Soaring Housing Costs Impoverish a Whole Generation and Maul the Real Economy

[kimbutgar]

8. I got lucky in the 90's with a job working for a local investment bank boutique

Before the banks brought out local investment banks we had these thriving local companies who paid good wages and generous bonuses. I made enough in my bonuses to save for a down payment on my house in San Francisco. Plus they gave you money in the 401k. Instead of paying cash for a new bmw I saved the money. Best decision I ever made.

My parents lived with my Dad's father and saved for their down payment $ 2000 and brought their home in 1955 for $12,000. Now one would have to save a whole lot of money. The American Dream is no longer possible for many people, I feel bad that the security of a home for many families is only a dream. It really sucks.